Bono backs charity credit card

03 March 2006

American Express has launched a new red credit card, branded "sexy" by US singer Bono who played a part in its release.

The Red Amex is a charity credit card, which will give one per cent of the total amount spent to charities committed to combating Aids.

The singer said: "This is really sexy to me. It is sexy to want to change the world. Red is a 21st-century idea."

The credit card is part of a wider scheme that will also see other big global brands releasing red versions of iconic products. They include clothing companies Giorgio Armani and Gap.

However, some financial advisers are warning that charity credit cards can be much more expensive than their standard counterparts, leading people further into debt problems.

Stuart Glendenning, spokesperson for moneysupermarket.com, told the Evening Standard: "It would be madness if someone felt a strong affinity with a charity but ended up in the position where they cannot pay off the balance every month."

Supporters of the Red Amex card say that it has a lower interest rate than similar cards, with a greater percentage of money going to charity.